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[null,null,"Home Equity Line Qualifier"]
[]
[null,null,"Use this spreadsheet to determine what home equity line of credit you qualify for. "]
[null,null,"The affordability of the line of credit is a function of two factors. The first factor is the "]
[null,null,"amount of equity you have available as security for a line of credit. Most banks will not "]
[null,null,"allow a home equity line of credit to exceed 80% of the home's appraised value."]
[null,null,"The other affordability factor is the total expense ratio, which is defined as"]
[null,null,"your total housing related monthly expenses (principal, interest, property taxes "]
[null,null,"and insurance) plus other monthly debt payments, divided by gross monthly income. "]
[null,null,"Typically, that ratio can not exceed 40%. Ask your bank for its loan-to-value limit and "]
[null,null,"the total expense ratio maximum that they allow. Then plug your assumptions into this "]
[null,null,"template. "]
[]
[null,null,"Data input cells are shaded. All other cells are protected."]

{"sheet":"Example","index":1,"n_rows":33,"n_cols":5,"rows_kept":33,"cut":false,"hidden":false,"merged":[],"flags":["formulas_cached_only"]}
["Home Equity Line Qualifier"]
[]
["Assumptions"]
["Borrower's Gross Monthly Income",null,null,4000]
["Maximum % of Home Value Bank Will Lend",null,null,0.8]
["Minimum Monthly Payment as a % of Line",null,null,0.015]
["Bank's Total Expenses (Affordability) Ratio",null,null,0.4]
["Value of Home",null,null,175000]
[]
["First Mortgage Information"]
[null,"First Mortgage Balance",null,50000]
[null,"Monthly Payment",null,500]
[null,"Property Taxes (annual)",null,2000]
[null,"Homeowner's Insurance (annual)",null,400]
[]
[null,null,null,"Current","Monthly"]
["Other Consumer Debts",null,null,"Balance","Payment"]
[null,"Auto Loans",null,3000,200]
[null,"Education Loans",null,2000,150]
[null,"Personal Installment Loans"]
[null,"Home Improvement Loans"]
[null,"Other Installment Loans"]
[null,"Credit Cards",null,5000,200]
[null,"Loans on life insurance"]
[null,"Margin loan from broker"]
[null,"Other loans",null,500,25]
[null,"Totals",null,10000,550]
[]
["Analysis"]
[null,"Home Equity",null,null,125000]
[null,"Maximum Credit Line (without regard to affordability)",null,null,90000]
[null,"Affordable Total Monthly Payments",null,null,1600]
[null,"Credit Line You Qualify For",null,null,23333.333333333336]

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["Home Equity Line Qualifier"]
[]
["Assumptions"]
["Borrower's Gross Monthly Income"]
["Maximum % of Home Value Bank Will Lend"]
["Minimum Monthly Payment as a % of Line"]
["Bank's Total Expenses (Affordability) Ratio"]
["Value of Home"]
[]
["First Mortgage Information"]
[null,"First Mortgage Balance"]
[null,"Monthly Payment"]
[null,"Property Taxes (annual)"]
[null,"Homeowner's Insurance (annual)"]
[]
[null,null,null,"Current","Monthly"]
["Other Consumer Debts",null,null,"Balance","Payment"]
[null,"Auto Loans"]
[null,"Education Loans"]
[null,"Personal Installment Loans"]
[null,"Home Improvement Loans"]
[null,"Other Installment Loans"]
[null,"Credit Cards"]
[null,"Loans on life insurance"]
[null,"Margin loan from broker"]
[null,"Other loans"]
[null,"Totals",null,"",""]
[]
["Analysis"]
[null,"Home Equity",null,null,""]
[null,"Maximum Credit Line (without regard to affordability)",null,null,""]
[null,"Affordable Total Monthly Payments",null,null,""]
[null,"Credit Line You Qualify For",null,null,""]